Greek Austerity Measures Boost Markets To Sharply Higher Close
Greece qualified for additional financial assistance to avoid bankruptcy after approving new austerity measures yesterday. Investors applauded the move by boosting the markets to a sharply higher with the Dow leaping 152 points to 12,414. Nasdaq jumped 33 points to 2773.
On the upside
Shares of Spreadtrum Communications (Nasdaq: SPRD) continued rising after the company refuted allegations of improper accounting practices yesterday.
Fourth quarter earnings surged for Worthington Industries (NYSE: WOR) to surpass analyst expectations prompting the metal processing company to increase its quarterly dividend from 10 cents per share to 12 cents per share.
Yingli Green Energy (NYSE: YGE) will supply Huanghe Hydropower Development with 110 MW PV modules.
Investors locked in profits on Alanco Technologies (Nasdaq: ALAN), whose shares more than doubled yesterday after announcing a merger agreement with YuuZoo.
Qiao Xing Universal Resources (Nasdaq: XING) requested an extension to file its annual report.
Morgan Stanley (NYSE: MS) will take a second quarter charge of approximately $1.7 billion related to the conversion of Mitsubishi UFJ Financial Group's stake in the company into common shares.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 827.
